ENERGICOTEL PLC to list corporate bond on Rwandan Stock Exchange

On 25 June 2021 at 04:17

ENERGICOTEL “ECTL” PLC, a Rwandan based Independent Power Producer (IPP) and an Engineering Consulting Company has received the regulatory approval from the Capital Market Authority (CMA) and Rwanda Stock Exchange (RSE) to issue and list its corporate bond on the Rwanda Stock Exchange (RSE).

The approval received from the Capital Market Authority for the public issue and listing of the Corporate Bond on the RSE was followed by the opening on the offer slated for Wednesday 23rd June 2021 and closing on Wednesday, 07th July 2021, providing prospective investors a two-week period to make their investment decisions and commitments.

The ENERGICOTEL corporate bond will be issued in two phases. The first bond worth Rwf3.5 billion with a tenor of 10 years was issued on Wednesday, 23rd June 2021 while the second phase with a bond worth Rwf 3 billion will be issued in the near future with a specified tenor.

The ENERGICOTEL “ECTL” PLC Corporate Bond listing and trading on the Rwandan Stock Exchange (RSE) is slated to commence on Monday, 26th July 2021.

The proceeds of the Bond, according to ENERGICOTEL “ECTL” PLC, will be used for general corporate purposes, including but not limited to refinancing the company’s existing bank loan, investment into operational power plants and bond issuance related expenses.

ENERGICOTEL “ECTL” PLC anticipates that the Bond will showcase the Rwanda Stock Market as an avenue for generating long term financing for project development from institutional and retail investors across Rwanda and beyond.

Commenting on the development, Ferdy Turasenga, the Executive Director of ENERGICOTEL “ECTL” PLC said: “We are thrilled with the regulatory approval to issue and list our Corporate Bond on the Rwanda Stock Exchange and to have made history as the first Independent Power Producer company in Rwanda to do so.”

“Moving to the capital markets is an essential step towards showcasing additional avenues for capital formation and providing a platform for investors to participate in the ENERGICOTEL transition to the development of sustainable renewable energy solutions. We are excited to continue on our trajectory of dynamic growth within the renewable energy space, with our core business of Power Generation and Engineering Consultancy”, he added.

“On Behalf of Access to Finance Rwanda (AFR) and its Funders, we are very pleased to have the opportunity of collaborating with ENERGICOTEL “ECTL” PLC to receive the regulatory approval to Issue and list the first Corporate Bond by an Independent Power Producer company to the Rwandan Capital Markets. This is part of a wider program that we have embarked on in partnership with the Capital Market Authority (CMA) and other stakeholders which is key in assisting SMEs to explore available financing opportunities in the capital market. This will play a vital role in accelerating Rwanda’s inclusive economic growth both in the creation and expansion of investments and descent jobs opportunities." Jean Bosco Iyacu, CEO, Access to Finance Rwanda.

Rwanda’s demand for electricity is projected to increase according to the Energy Sector Strategic Plan.

Currently, electricity penetration in Rwanda is at 63%, with 47% connected to the national grid and 16% accessing electricity through off-grid systems. The Energy Sector Strategic Plan (ESSP) for 2018/19 – 2023/24 outlines that the Government targets to achieve 100% penetration by 2024 with 52% being connected to the grid and 48% through off grid solutions.


ENERGICOTEL “ECTL” PLC is an Independent Power Producer (IPP) and an Engineering Consulting Company with Power Purchase Agreements and Concessions to upgrade, finance, operate and maintain power plants in Africa. Currently, ECTL operates 3 Hydro Power Plants namely: Keya, Nkora & Cyimbili in the Republic of Rwanda. With a consistent capital outlay, now totaling to over Rwf4 billion, ENERGICOTEL “ECTL” PLC has transformed the Hydro Power Plants (HPPs) to a combined installed capacity of 3.2MW and supplied 17M kWh of electricity to the national grid in 2020.

Given the potential energy resources which are under development in the region, ECTL looks to the future of energy with great hope to exploit the opportunity presented in the region and beyond.

In the pipeline, ENERGICOTEL “ECTL” PLC has various energy power generation projects, all in the Renewable Energy Space, at different stages of the project development cycle of approximately 50MW of Power Generation including the Methane Gas-to-Power Pilot Project in Lake Kivu, a Hydro-power Project in Kenya, DRC, and Solar Power Plant in Zimbabwe and so on in Malawi.

For more information, you can visit ENERGICOTEL website: www.energicotel.com